XAU/USD quotes continue to move within the framework of the fall and left the limits of the bullish channel. At the time of the publication of the forecast, the price of Gold is 1761 Dollars per Troy Ounce. Moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the fall already from current levels. At the moment, we should expect an attempt to develop a bullish correction and test the resistance level near the 1775 area. Where should we expect a rebound down and a continuation of the fall in the price of Gold with a potential target below the level of 1685.
XAU/USD Gold Price Forecast August 19, 2022
An additional signal in favor of falling XAU/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option of falling Gold prices on August 19, 2022 will be a strong growth and a breakdown of the level of 1825. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1865. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and closing the price below the level of 1735 , which will indicate a breakdown of the lower boundary of the next bullish correction channel.
Thus, XAU/USD Gold price forecast for August 19, 2022 suggests an attempt to test the resistance area near the level of 1775. Further, the quotes continue to fall with a target below the level of 1685. 1825. This will indicate a breakdown of the Gold resistance area. In this case, we should expect a continuation of the rise in the price of Gold with a potential target above the level of 1865.